https://www.taxtmi.com/caselaws?id=106125 Jurisdiction under clause XII of the Letters Patent was treated as available because the petitioners carried on business in Bombay, lease rentals were payable there, the respondents had an office there, and arbitration was being conducted there; a claimed closure of the Bombay office did not defeat territorial jurisdiction. Section 22 of the Sick Industrial Companies Act was held inapplicable because the leased equipment remained the petitioners' property under the lease, with no title passing to the respondents. Temporary fixation of the equipment for operational use did not convert it into immovable property, and payment of customs or excise-related charges did not confer ownership. The petition was therefore maintainable and a receiver could be appointed. en-us Fri, 31 Jul 1998 00:00:00 +0530 Mon, 12 Mar 2012 17:06:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106125 Jurisdiction under clause XII of the Letters Patent was treated as available because the petitioners carried on business in Bombay, lease rentals were payable there, the respondents had an office there, and arbitration was being conducted there; a claimed closure of the Bombay office did not defeat territorial jurisdiction. Section 22 of the Sick Industrial Companies Act was held inapplicable because the leased equipment remained the petitioners' property under the lease, with no title passing to the respondents. Temporary fixation of the equipment for operational use did not convert it into immovable property, and payment of customs or excise-related charges did not confer ownership. The petition was therefore maintainable and a receiver could be appointed. Case-Laws Companies Law Fri, 31 Jul 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106125